• Cleared OTC London Gold Forwards

      • To
      • Clearing Member Firms; Chief Financial Officers; Delivery Personnel
      • From
      • CME Clearing
      • #
      • 09-403
      • Notice Date
      • 18 September 2009
      • Effective Date
      • 20 September 2009
      Beginning on Sunday September 20, 2009, for clearing date Monday, September 21, 2009, Chicago Mercantile Exchange Inc. (“CME”) will provide a central clearing service for Cleared OTC London Gold Forwards. The Cleared OTC London Gold Forwards contract will be listed by Commodity Exchange, Inc. (“COMEX”) for clearing by CME through CME ClearPort. The initial launch will include house only activity with eligibility for customer segregated activity occurring later in the year. 
      Delivery Reminders
      • Participants are required to have an unallocated London Gold account prior to entering any trades via CME ClearPort. 
      • CME Clearing will pass along any delivery related fees incurred to the Clearing Member Firm stemming from delivery of unallocated gold.  
      • Please contact the Delivery and Settlements area in order to receive a copy of our unallocated bullion account instructions. 
      USD Flows
      • Longs: USD will move thru the Clearing Member Firm USD variation accounts at 1:30 p.m. London (7:30 a.m. CST)
      • Shorts: USD will be paid once the Gold has been received at the designated CME Clearing bullion account to the Clearing Firm variation account. 
      Gold Flows
      • Shorts: Gold needs to be paid to CME Clearing’s Bullion Account by 1:00 p.m. London (7:00 a.m. CST)
      • Longs: Gold will be released to specified Bullion Accounts by 2:00 p.m. London (8:00 a.m. CST)
      Link to Initial Launch Advisory:
      Link to Special Executive Report inclusive of the Fee Schedule:
      Link to Performance Bond Requirements Advisory:
      Link to Bookkeeping Processing:
      Should you have any questions please contact the Delivery and Settlements area at 312.930.3172.